There are other ways to cover the minimum requirements for reserve funds.

I can't see myself raising my kids in a yuppie suburb.

I am a full time worker, hoping to begin working in real estate part time to accumulate funds and knowledge before "jumping" into real estate full time.

The only issue is that most hard money lenders I talk to won't fund a house for less than 100k.

Unless you have cash to buy the properties, I don't think you'll find funding. 

And yes is you buy a junior position the other mortgages senior to you stay in place but the IRS goes away as stated.. its the first in time is first inline ... so say you bought a second TD and there was a first td and a few mechanics liens filed before the 2nd was filed then those stay.. although rare because the second usually wanted title insurance and would not fund with liens in front of it.I loved Trustee or Sherrifs sales when IRS liens were there.. it scared all the newbies away.. and or those that had to back fill with a loan ASAP and could not wait out the 120 days.

You can use a FHA funding program then you stay in a unit and collect rent from tenants from the other three.

Hello, I am looking to acquire additional long term rental assets but am running into issues finding a lender that will fund me due to the fact that I had a foreclosure 4-1/2 years ago.750 credit scoreGood incomePlenty in reservesLooking to acquire properties 180k and below with 20-30% down but haven't been able to find lending.Any suggestions?

Instead of having the HML fund the 90k and paying the costs for however long (2-6 months), could I get a mortgage on the property, and use the HML to cover a 20%(or less) down payment as well as the rehab. costs?

He then calls me back a couple hours later and again states, "let's leave the lawyers out of this, raise the purchase price, take less comission, etc, etc."